Word: kanes
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...real experience," says Kane. "Actuaries and mathematicians are not so good to say what the future might bring. It's harder to work an actuarial analysis...
According to Kane, companies generally base group health insurance premiums on industry classes, rather than epidemiologic studies. She says insurance companies compile tables of statistics for different industries, and determine premiums according to the risks peculiar to each industry...
...classes can get pretty specific," says Kane. She says that beauty salons are a separate class, because there is a high HIV infection rate there. Construction workers are another group that would fall under a different set of premiums...
...Kane says premiums based on small group or individual experiences were more easily skewed because a single member who used a significant amount of health insurance in the past could greatly distort the group's health rating...
...They're trying to get rid of that [system], and that's what a lot of insurance reform right now is about," says Kane. "They're trying to price people according to utilization, and getting to a community rating...